We’ve Raised Our Near-Term Alumina Price Forecast but Foresee Materially Lower Prices Ahead
Alumina prices have risen considerably in recent months, exceeding our prior expectations. The cost curve for alumina production has shifted higher due to elevated bauxite and caustic soda prices. These factors have driven a material increase in the marginal cost of alumina production. Although the alumina cost curve has shifted upwards, alumina spot prices have been driven higher still, well above the marginal cost of production, due to the perceived impact of supply-chain disruptions in China....Alcoa is a vertically integrated aluminum company comprised of bauxite mining, alumina refining, aluminum production (smelting, casting, and rolling), and energy generation. Through direct and indirect ownership, the company has 30 operating locations in nine countries around the world, situated primarily in Australia, Brazil, Canada, Iceland, Norway, Spain, and United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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